Question 1

Which of the following statements is not true?&#10;A) Business buyers look for products which will increase sales.&#10;B) Business buyers look for products which will reduce costs.&#10;C) Business buyers look for products which will translate to foreign markets.

Accepted Answer

Business buyers primarily focus on products that will increase sales or reduce costs as part of their strategic purchasing decisions. The statement about looking for products that will translate to foreign markets is not inherently untrue, but it is less universally applicable and not a primary concern for all business buyers, making it the least accurate statement in the context provided.

Question 2

Which of the following is NOT one of the trappings of marketing?&#10;A) Customer centrality.&#10;B) Declarations of support from top management.&#10;C) Complete marketing information systems.

Accepted Answer

Customer centrality is a core principle of marketing, not a trapping. Trappings are superficial or misleading aspects, whereas customer centrality is fundamental to effective marketing strategies.

Question 3

Which of the following is a major difference between consumer marketing and business-to-business marketing?&#10;A) More rational decision-making.&#10;B) The customer is at the centre of the firm's thinking.&#10;C) External environment.

Accepted Answer

In business-to-business (B2B) marketing, decisions are more often based on rational considerations such as the cost-benefit analysis, efficiency, and return on investment, as opposed to consumer marketing, where emotional and psychological factors can play a significant role in purchasing decisions.

Question 4

What is meant by entering goods and services?&#10;A) Goods and services that are new to the market.&#10;B) Goods and services that are new to the customer.&#10;C) Goods and services that become part of other products.

Accepted Answer

Entering goods and services refer to those that become part of other products, typically as components or raw materials used in the production process.

Question 5

What is meant by foundation goods and services?&#10;A) Goods and services that are basic to the industry.&#10;B) Goods and services that do not become part of the finished product, but are used in making it.&#10;C) Goods and services that are basic to the selling firm.

Accepted Answer

Foundation goods and services refer to those that do not become part of the finished product but are essential in the production process, such as machinery, tools, and maintenance services.

Question 6

What is meant by facilitating goods and services?&#10;A) Products and services that help an organisation fulfil its objectives.&#10;B) Products and services that help a company sell more.&#10;C) Products and services that facilitate growth of the company.

Accepted Answer

Facilitating goods and services are those that help an organization achieve its objectives by supporting its primary activities or operations.

Question 7

Why is relationship building more common in business markets than in consumer markets?&#10;A) Because buyers get to like the sales representatives they see every day.&#10;B) Because businesses often buy from each other over a long period.&#10;C) Because consumers don't like to have relationships with companies.

Accepted Answer

Business markets often involve long-term purchasing relationships, as companies frequently buy from each other over extended periods. This necessitates building and maintaining strong relationships to ensure reliability, trust, and consistent quality in the supply chain.

Question 8

What is derived demand?&#10;A) The type of demand that derives from business growth.&#10;B) The type of demand that derives form effective marketing.&#10;C) The type of demand that derives from consumer need.

Accepted Answer

Derived demand is demand that is generated due to the demand for another good or service. For example, the demand for steel is derived from the demand for cars, as steel is a necessary component in car manufacturing. Thus, it is most accurately described as demand that stems from consumer need for another product or service.

Question 9

Why are salespeople more important in business markets than in consumer markets?&#10;A) Because business firms can afford to pay them better.&#10;B) Because business markets require more negotiation.

Accepted Answer

Business markets often involve more complex transactions, larger purchases, and longer sales cycles than consumer markets, necessitating more negotiation and personalized interaction, which salespeople are well-equipped to handle.

Question 10

Consumer markets and business markets differ because:&#10;A) Consumers buy for themselves, business buy for others.&#10;B) Consumers (collectively) buy more than business buyers do.&#10;C) Consumers buy on a rational basis.

Accepted Answer

Consumer markets and business markets differ primarily because consumers typically purchase goods and services for their personal use, while businesses buy products or services for operational needs, production, or resale to others.

Deck 1: Introduction to Business-To-Business Marketing